Profile picture for helleblossom

Freddie mac owns the mortgage but not HARP eligible???

We want to refi our mortgage under the HARP.  Our mortgage is owned by Freddie Mac.  Lender says even though this is true, we are not eligible for the program -- he did not know why, maybe something about the first company that owned the mortgage (it's been sold a couple of times in the 13 years we've owned the house).  We have excellent credit in our underwater house.  Where can I get more info about this?? 
  • October 14 2010 - Toledo
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Answers (5)

There is a different program that allows homeowners such as yourself to refinance a non-FHA mortgage to an FHA mortgage.  Here is a link to the details.  If your bank doesn't work with you, seek out other lenders in the area.  If you need a referral, speak to local realtors and ask for a referral to a local licensed mortgage lender.

http://www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-23ml.pdf

  • October 15 2010
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Profile picture for wetdawgs
If you are underwater after 13 years, is it possible that part of your loan is not the primary purchase amount?
  • October 15 2010
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It could be your lender does not have HARP as an option.  Some lenders are maxed at 105% LTV.  What is the LTV of your home?

Also, how do you know it is a Freddie mortgage? 

  • October 15 2010
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Profile picture for Tim T Wells
Unfortunately it does happen some times.
Check back with the same lender at a latter time, it may change.
  • October 20 2010
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Are you talking about the HAMP program?
Are you contacting the loan servicer?
Are you talking to the right person that can put you in the HAMP program.  There are a lot of questions that need to be answered here.  Our bank is a large Freddie servicer and we have not had a lot of people choose this route after they are eligible.
  • October 24 2010
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